Deal Sees PAG and Partners Invest $8.3 Billion in Dalian Wanda Mall Unit
HONG KONG (Reuters):
A group of investors, led by private equity firm PAG, announced a significant investment of $8.3 billion for a 60% stake in Chinese property giant Dalian Wanda’s mall unit. Dalian Wanda will retain the remaining 40% in Newland Commercial Management, the holding company of Zhuhai Wanda Commercial Management Group Co.
Investor Consortium
CITIC Capital, the Abu Dhabi Investment Authority, Mubadala Investment Company, and Ares Management Corporation joined PAG in this venture.
Positive Outlook
“We like the competitive edge and first mover advantage that Newland has built,” said David Wong, PAG’s partner and co-head of private equity. He expressed confidence in Newland’s ability to generate stable and growing cash flow for investors.
Expansion and Restructuring
Newland currently manages 496 large shopping malls across China. In December last year, PAG and Dalian Wanda Commercial Management Group announced an investment framework to restructure Zhuhai Wanda Commercial Management, with the recent agreement marking the implementation of this strategic partnership.
